To become a member of the Unicorn club, InCred's lending division has secured Rs 500 crore in Series D fundraising commitments

 To become a member of the Unicorn club, InCred's lending division has secured Rs 500 crore in Series D fundraising commitments

Consumer loans, student loans, and MSME lending are InCred's three primary business verticals. The firm said that each would get a smart allocation of the Rs 500 crore equity capital.

According to InCred Holdings, the robust demand for consumer loans is being driven by the development of the economy overall as well as the boost from the holiday season.

On November 9, InCred Holdings Limited, the parent company of the financial services company InCred Financial Services Limited, said that it has successfully raised Rs 500 crore in a Series D fundraising, putting the company in a position to become a unicorn.

"The equity round generated significant interest from various investors, particularly a global private equity fund, multinational treasuries, family offices among UHNIs, showcasing widespread backing from the investor community," InCred Group said in a statement.

Consumer loans, student loans, and MSME lending are InCred's three primary business verticals. The firm said that each would get a smart allocation of the Rs 500 crore equity capital.

The parent company of InCred Financial Services Limited, a supplier of new-age financial services, said that the market for student loans in India has doubled as a consequence of the rise in US student visas issued to Indians, from 50,000 to 100,000, over the previous two years. Additionally, it has been reported that the MSME sector is growing dramatically, particularly in the nation's secured LAP market.

According to InCred Holdings, the robust demand for consumer loans stems from the increase of the overall economy as well as the boost from the holiday season.

"This commitment to fund marks a significant milestone in our journey along with takes us into the ranks of unicorns," said Bhupinder Singh, the founder and group CEO of InCred. We really appreciate all of the tremendous support that our investors have given us. Our 'Risk First' strategy, state-of-the-art technology, and elite management team put us in a strong position for long-term commercial success. In keeping with the robust economic expansion of India, we want to integrate InCred into the financial dreams of every Indian family. Ultimately, we hope to list the company and generate substantial wealth for all of our shareholders."

Almost a month has passed since Incred Holdings' parent firm, InCred Financial Services, revealed intentions to raise up to Rs 300 crore by issuing non-convertible debentures to the market.